Mexico’s art community calls for greater transparency in management of treasured collection

Over 350 Mexican cultural professionals have signed an open letter demanding greater transparency from the Instituto Nacional de Bellas Artes y Literatura (INBAL) regarding the management and export of the Gelman Collection. The collection, recently acquired by the Zambrano family and rebranded as the Gelman Santander Collection, includes 18 works by Frida Kahlo and other major 20th-century Mexican artists, with 30 pieces designated as national artistic monuments requiring state oversight.

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The Smithsonian Institution, a government-funded museum network in Washington, D.C., was forced to close this weekend due to the ongoing government shutdown, marking another blow after repeated attacks by the Trump administration. The National Gallery of Art had already closed the previous weekend, while the Smithsonian had used its own funds to stay open until now. Separately, a traveling Ruth Asawa retrospective opening at New York's Museum of Modern Art on October 19 is reportedly the museum's largest show ever dedicated to a woman artist, featuring 376 works across 16,000 square feet, though MoMA has not officially confirmed this record. Other news includes a forgotten Paul Gauguin painting heading to auction at Artcurial, Sotheby's seeking third-party guarantees for three Klimt paintings from the Leonard Lauder collection, a reattributed Liotard portrait, and Chilean artist Cecilia Vicuña winning the 2025 Roswitha Haftmann Prize.

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Christie's 21st-century evening sale in New York on Wednesday night achieved $123.6 million, just below its $126 million high estimate and 16% above last year's sale. The sale featured 19 lots from the collection of the late Stefan Edlis and his widow Gael Neeson, which brought in $49.2 million against a $30 million estimate. The top lot was Christopher Wool's "Untitled (RIOT)" (1990), selling for $19.8 million. New auction records were set for Firelei Báez ($1.1 million) and Olga de Amaral ($3.1 million). Only one of 45 lots failed to sell—a Cecily Brown painting estimated at $4–6 million. The sale was characterized by careful use of third-party guarantees and lowered reserves, with art advisor Aileen Agopian noting bidding was "deep and robust" despite a flat atmosphere.

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Artnet News rounds up the standout auction moments of 2025, highlighting both triumphs and disappointments. M.F. Husain's *Untitled (Gram Yatra)* (1954) smashed expectations at Christie's, selling for $13.8 million—more than double the artist's previous record and the first South Asian Modern work to exceed $10 million. In contrast, Piet Mondrian's *Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue* (1922) fell short of its $50 million estimate at Christie's, missing the artist's auction record, while Alberto Giacometti's *Grande tête mince* (1955) failed to sell at Sotheby's despite a $70 million asking price, underscoring market volatility.

London Saw Few Auction Shakeups as Guarantees Steadied the Market

Christie’s marquee evening sales in London achieved a combined total of £197.5 million ($263.8 million), characterized by a steady, prearranged atmosphere rather than high-stakes drama. The auction house relied heavily on financial safety nets, with a 52 percent year-over-year increase in third-party guarantees ensuring the sale of 21 key lots. While the event featured a theatrical unveiling of a new rostrum designed by Sir Jony Ive, the actual bidding remained largely conservative and focused on blue-chip stability.

Spurs owner’s School of London trove nets US$47.8m in Sotheby’s white-glove evening sale

Sotheby’s Modern & Contemporary Art Evening Sale in London achieved a rare 'white-glove' result, with all 53 lots finding buyers for a total of £131 million ($175 million). The auction was highlighted by a selection of four School of London masterpieces from the private collection of billionaire Joe Lewis, owner of Tottenham Hotspur. These works, including a 1972 Francis Bacon self-portrait and two Lucian Freud portraits, realized a combined £35.8 million ($47.8 million) and established a new auction record for artist Leon Kossoff.

Spurs owner Joe Lewis to sell US$25m of School of London works at Sotheby’s

Billionaire Joe Lewis, the former owner of Tottenham Hotspur, is set to auction four significant works from the School of London at Sotheby’s London on March 4. The selection is headlined by a 1972 Francis Bacon self-portrait estimated at £8 million, alongside major paintings by Lucian Freud and Leon Kossoff. This marks the first time Lewis has publicly sold works from his renowned collection, which is estimated to be worth approximately $1 billion and is famously housed in part on his superyacht.

Kicking off New York November sales, Christie's nets healthy $690m from double-header 20th-century auction

Christie's kicked off New York's November auction season with a double-header 20th-century evening sale on November 17, generating $574.7 million before fees and $690 million with fees. The sale featured 80 lots, including 18 from the collection of supermarket magnate Robert Weis and his wife Patricia Ross Weis, with highlights such as Pablo Picasso's *La Lecture (Marie-Thérèse)* selling for $45.4 million and Mark Rothko's *No. 31 (Yellow Stripe)* achieving $62.1 million. Two artist records were set, including for Leonor Fini, and the sale achieved a 94% sell-through rate, with 59 lots backed by third-party or house guarantees.

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Evan Beard, a former Navy intelligence officer and Oxford economics graduate, is launching a new secondary market gallery called Beard & Co. on New York's Upper East Side after leaving Masterworks, the $1 billion art-tech startup where he ran its secondary market gallery Level & Co. Beard's career path includes stints at Deloitte and Bank of America, where he managed art financing operations and worked with major U.S. collectors. His new gallery will employ a half-dozen staff and function as a discreet private bank for collectors, offering services such as art loans, auction guarantees, consignments, and estate planning.

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Phillips’s Frieze Week evening sale in London totaled £10.33 million ($13.88 million) across 22 lots, a 32% decline from last year’s £15.1 million on 31 lots. The sale was 82% sold by lot and 84% by value. Highlights included a new world auction record for Emma McIntyre, whose painting *Seven Types of Ambiguity* (2021) sold for £167,700, and strong results for Martha Jungwirth and Flora Yukhnovich. However, major lots by Banksy, Andy Warhol, and Jean-Michel Basquiat underperformed or failed to sell, and four lots went unsold, including works by Andreas Gursky and Sigmar Polke.

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Phillips’s Modern and contemporary evening sale in London concluded with a total of £13 million ($17.3 million), marking a 16 percent decline compared to the previous year's equivalent auction. The sale was led by Andy Warhol’s "Mao" and Vilhelm Hammershøi’s "Interior of Woman Placing Branches in Vase on Table," both of which fetched £1.6 million including fees. Despite the overall contraction in total sales, the auction saw a significant breakout for Danish painter Anna Ancher, whose work "Young Girl Reading a Letter" sold for £154,800, tripling its high estimate and setting a new auction record for the artist.

Veteran Advisor Patti Wong on How the Auction Market Is Recalibrating

Veteran art advisor Patti Wong, who left Sotheby's after three decades to start her own firm, analyzes a significant recalibration in the auction market. She notes a new discipline among auction houses and buyers following the frothy post-pandemic years, with houses becoming more selective, relying heavily on third-party guarantees, and facing greater buyer scrutiny on provenance and estimates. She also highlights the industry's expansion into new geographies like Saudi Arabia and new categories like luxury goods.

School of London Masterworks Drive Sotheby’s £131M Modern & Contemporary Sale

Sotheby’s kicked off the spring auction season in London with a Modern and Contemporary Evening Sale that generated £131 million ($177.4 million) including fees. The auction saw a high 98 percent sell-through rate, bolstered by the sale of four significant works from the collection of financier Joe Lewis. The top lot was Francis Bacon’s 1972 "Self-Portrait," which fetched £16.03 million, while a new auction record was established for Leon Kossoff.

The Art Market Year in Review

The art market experienced a turbulent 2025, beginning with a 12% decline in sales from 2024, following a 3% drop in 2023, as reported by the Art Basel and UBS Global Art Market Report. Major auction houses Christie’s, Sotheby’s, and Phillips saw average sales fall 6% in the first half of the year. However, the market rebounded by autumn, with strong sales at London and Paris art fairs and a 15% year-on-year increase in auction sales at the three main houses by December, according to Pi-eX. Key events included Sotheby’s failed sale of Alberto Giacometti’s *Grand tête mince* in May, followed by a record-breaking $236 million sale of Gustav Klimt’s *Portrait of Elisabeth Lederer* in November, and a $31.4 million record for François-Xavier Lalanne’s *Hippopotame Bar*.

Bank of America ArtTactic Art Market Report 2026 Trends

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The US art market experienced a 23 percent increase in auction sales in 2025, reaching approximately $3.17 billion according to a joint report by Bank of America and ArtTactic. This growth was not fueled by a rise in general demand but was instead driven by high-value estate consignments, a return to established historical artists, and a heavy reliance on financial guarantees. The data indicates a shift away from the speculative flipping of 'wet paint' contemporary works, which saw negative returns for pieces held for less than five years.

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The auction industry's "middle market"—typically defined as lots under $1 million—is facing a period of intense competition and shrinking profit margins. While these lower-priced works account for the vast majority of transaction volume and a significant portion of earnings, the overhead costs of selling them remain high. Furthermore, aggressive financial maneuvers like guarantees and "enhanced hammers," once reserved for blue-chip masterpieces, are now being demanded by sellers and advisors at much lower price points.

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Collector Charles Cahn has filed a lawsuit against Sotheby’s in New York Supreme Court, alleging the auction house reneged on a buy-back agreement made in 2016 regarding a Modigliani portrait he purchased in 2003. Cahn paid $1.55 million for *Portrait de Leopold Zborowski* at a Sotheby’s Impressionist and modern sale, and later agreed to consign the work back to Sotheby’s if he sold it within 15 years, with the house guaranteeing the greater of the original price plus 2.5% annual compound interest or the future sale price, and waiving vendor fees. However, Cahn claims that in April 2016, Sotheby’s own appraisal questioned the painting’s authenticity, stating it failed certain criteria and would have no sale value in the international art market. Despite Cahn’s letters in June and September 2024, Sotheby’s has not responded, leading to the breach-of-contract claim seeking at least $2.7 million in damages.

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Christie’s evening sale of 21st-century art on Wednesday achieved $123.6 million in total sales, including 19 lots from the collection of the late Stefan Edlis and his widow Gael Neeson. The top lot was Christopher Wool’s *Untitled (RIOT)* (1990), which sold for $19.8 million. The sale had a 97 percent sell-through rate, with 36 of 45 lots guaranteed, and the hammer total of $99.7 million exceeded the presale low estimate of $87.5 million. A notable moment was a seven-minute bidding war for a Diego Giacometti coffee table owned by Edlis and Neeson, which sold for $3.65 million against a $1.5–2.5 million estimate.

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Christie’s kicked off the fall auction season in New York with a two-part 20th-century art sale that brought in approximately $690 million, led by Mark Rothko’s *No. 31 Yellow Stripe (1958)*, which sold for $62.2 million. The evening featured 18 works from the collection of Robert F. and Patricia G. Ross Weis, totaling $218 million, followed by a 61-lot main sale that realized $471.7 million. Other top lots included Claude Monet’s *Nymphéas (1907)* at $45.4 million and a new auction record for Beauford Delaney’s *The Sage Black (1967)* at $1.5 million.

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Sotheby’s London Modern and Contemporary evening sale in March 2026 achieved a robust £130.6 million ($175 million), marking a significant 108.6 percent increase over the previous year's equivalent auction. The event was a "white glove" sale, with all 53 offered lots finding buyers, led by a Francis Bacon self-portrait that fetched £16 million. A notable highlight was a record-breaking £5.2 million sale for Leon Kossoff’s "Children’s Swimming Pool," which sparked a competitive ten-buyer bidding war.

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Sotheby's three-part modern art evening auction in New York on Thursday night achieved a total of $304.6 million, a dramatic increase from the $93.1 million equivalent sale last year. The sale featured 69 lots, with three withdrawn and none bought in, resulting in a 95% sell-through rate. Top lots included Vincent van Gogh's still life "Piles de romans parisiens et roses dans une verre" (1887), which sold for $62.7 million with premium to private advisor Patti Wong, and a work by Frida Kahlo. Third-party guarantees covered 55% of the presale low estimate, but bidding remained competitive throughout.

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Phillips held its Modern and contemporary art evening sale in New York on Wednesday night, achieving $67.3 million in total sales—a 24.4 percent increase from the same auction last November. The sale featured 33 lots with a 94 percent sell-through rate, including a triceratops fossil that sold for $5.4 million through a partnership with natural history dealer Christian Link. Top lots included Francis Bacon's *Study for Head of Isabel Rawsthorne and George Dyer* (1967) at $16 million with premium, Jean-Michel Basquiat's *Exercise* (1984) at $3.8 million, and two works by Ruth Asawa. Only one artwork, a Jadé Fadojutimi, failed to sell, and there were no withdrawals.

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Christie’s fall auction season in New York opened with a robust evening sale of 20th-century art on Monday night at Rockefeller Center, achieving a total of $690 million after fees. The sale featured an 18-lot offering from the private collection of Robert and Patricia Weis, followed by the main 20th-century auction. The top lot was Mark Rothko’s *No. 31 (Yellow Stripe)* (1958), which sold for $62 million, while Claude Monet’s *Nymphéas* (1907) brought $45.5 million. The sale had a 95 percent sell-through rate, with 55 of 80 lots guaranteed, and strong in-person bidding provided a boost of market confidence after months of art fair cancellations and gallery closures.

National Assembly Unanimously Votes on Law for Restitution of Looted Colonial Works, but with Restrictions

L’Assemblée vote à l’unanimité la loi sur la restitution des œuvres pillées pendant la colonisation, mais avec des restrictions

The French National Assembly has unanimously passed a landmark law establishing a permanent legal framework for the restitution of cultural property looted during the colonial era. Moving away from the previous requirement for case-by-case legislation, the new law allows the government to return artifacts via decree following consultations with scientific and parliamentary commissions. This shift fulfills a long-standing promise to simplify the return of African heritage currently held in French public collections.

Records for English painting and Fontana's cuts push the auction

Sotheby’s London kicked off the spring auction season with a robust modern and contemporary art evening sale, totaling £131.7 million and achieving a rare 100% sell-through rate. Despite global political uncertainty, the auction saw aggressive bidding for British post-war masterpieces and Italian avant-garde works. The event also marked the debut of Sotheby’s new commission structure, which lowers fees for high-value lots to incentivize larger transactions.

Sotheby’s London Notches $63.3 Million Contemporary Sale, as Francis Bacon Portrait Soars

Sotheby's London held a contemporary evening sale on Thursday, totaling £47.6 million ($63.3 million), a significant increase from the £37.6 million ($49.2 million) achieved in the same Frieze-timed sale last year. The auction featured 27 lots, with a sell-through rate of 89%, and was led by Francis Bacon's *Portrait of a Dwarf* (1975), which sold for £13 million ($17.5 million), well above its high estimate. Tom Eddison, Sotheby's co-head of contemporary art, took the rostrum for his first marquee evening auction, guiding measured bidding that saw confident competition, including a cross-Channel contest for the top lot, ultimately won by Johan Nauckhoff for a client.

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The Ukrainian Pavilion at the 2026 Venice Biennale will present a project titled "Security Guarantees," focusing on the failure of international promises to protect Ukraine, specifically referencing the 1994 Budapest Memorandum. Artist Zhanna Kadyrova will exhibit her concrete sculpture, Origami Deer, which was evacuated from eastern Ukraine as the Russian frontline advanced. The work will be suspended from a crane on a truck along the lagoon, and the pavilion will include archival material and a video installation tracing the sculpture's journey.

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ArtDiscovery, a scientific art analysis firm with offices in London and New York, has launched what it calls the world's first insured authenticity guarantee for artworks. The service combines connoisseurship, provenance research, laboratory science, and proprietary AI, then backs the conclusion with an insurance policy from an A+ rated global insurer. If a certified attribution is later proven incorrect, the policy covers financial loss to the artwork's owner. The company's CEO, Denis Moiseev, and CFO, Steven Maslow, explained that the insured certificate is priced at 60 basis points of the certified value and travels with the artwork as a transferable warranty. The launch follows ArtDiscovery's acquisition by Hephaestus Analytical, a London-based tech company that uses AI, provenance research, and chemical analysis for authentication.

Competition in the Auction Business’s Middle Market is Fierce, and Growing Fiercer

The auction industry's middle market, generally defined as lots valued below $1 million, is experiencing intense competition and shrinking profit margins. While this segment accounts for the vast majority of transactions and a significant share of auction house earnings, rising overhead and sellers demanding complex financial deals—like enhanced hammers and guarantees—are squeezing profitability. Regional and specialized auction houses are fiercely competing for business against each other and against third-party online platforms.

Dangling sculpture—‘evacuated’ from Russian-Ukrainian frontline—will be focus of Ukraine's pavilion at Venice Biennale

Ukraine's pavilion at the 2024 Venice Biennale will feature artist Zhanna Kadyrova's concrete sculpture *Origami Deer*, which was evacuated from Pokrovsk in the Donetsk region as Russian forces advanced in 2024. The pavilion, titled *Security Guarantees*, references the 1994 Budapest Memorandum and will include archival materials and a video installation documenting the sculpture's journey across Europe. The work will be suspended from a crane on a truck along the Venice lagoon, symbolizing forced displacement and the fragility of international promises.